Analyst Update: PTC Therapeutics, Inc., Carnival Corp, and Veeva Systems Inc

Analysts adjusted their ratings on PTC Therapeutics, Inc. (PTCT), Carnival Corp (CCL), and Veeva Systems Inc (VEEV)

by Kirra Fedyszyn

Published on Nov 25, 2015 at 11:58 AM

Analysts are weighing in today on biotech interest PTC Therapeutics, Inc. (NASDAQ:PTCT), travel concern Carnival Corp (NYSE:CCL), and software solutions provider Veeva Systems Inc (NYSE:VEEV). Here's a quick roundup of today's brokerage notes on PTCT, CCL, and VEEV.

  • PTCT was last seen trading at $30.35, down 4.4%, after Jefferies cut its rating on the stock to "underperform" from "hold" and slashed its price target to $18 from $26. The shares have been trending lower since March, and have lost 41.4% year-to-date. It seems that PTC Therapeutics, Inc. is probably sharing in some of the suffering from sector peer BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) on disappointing news from the U.S. Food and Drug Administration (FDA). Just last month, PTCT reported that its drug for the same muscular disorder failed to meet final-stage trial goals, sending options traders into a frenzy. Bears have continued to pile on PTCT, as its 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 4.75 -- higher than 93% of readings from the past year.

  • A bullish analyst note has CCL up 1.2% at $50.98. HSBC initiated coverage on Carnival Corp with a "buy" rating and a price target of $60 -- in record-high territory. The company announced yesterday that is adding two new ships to its P & O Cruise line in Australia and initiating buybacks under its $1 billion share repurchase program. The shares dipped by a dollar on the news, but is attempting to erase those losses today. Carnival Corp has had a strong performance on the charts this year, but analysts and traders remain relatively bearish. Half of the 14 firms covering CCL give it a lukewarm "hold" rating. And on the ISE, CBOE, and PHLX, the stock's 50-day put/call volume ratio of 1.89 ranks in the 94th annual percentile. If sentiment shifts, Carnival Corp could easily continue higher.

  • VEEV is 5% higher today at $ 28.72, after receiving no fewer than five price-target hikes from analysts -- ranging from $28 at Deutsche Bank to $35 at Canaccord Genuity -- after last night reporting quarterly earnings and revenue that beat estimates on the Street. The shares have been rocky since their March bear gap in response to a disappointing earnings report, but they have been trending steadily higher since late September. While analysts have a generally positive outlook on Veeva Systems Inc -- seven out of 10 firms rate it a "buy" or better -- traders have yet to change their tune. As of today, 18.2% of VEEV's available float is sold short -- an amount that would take nearly four whole weeks of trading to buy back at the stock's average pace of trading. If bears begin to abandon their positions, a short-covering rally could help the shares challenge stubborn resistance in the $29 area.
For other stocks in analysts' crosshairs, read Analyst Upgrades: Sarepta Therapeutics Inc, ImmunoGen, Inc., and Hormel Foods Corp and Analyst Downgrades: TiVo Inc., G-III Apparel Group, Ltd., and Under Armour Inc.

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